Silver Heritage Group Cuts Costs as COVID-19 Crisis Bites

Silver Heritage G𒀰roup has begun "cost reduction strategies", according to the company's latest filings.

The bouti꧃que casino firm didn't specify what the measures were, but it was reported in an that its casino and hotel operations are "ready to reopen as soon as regulations and ❀conditions permit".

Silver Heritage owns and runs the Tiger Palace Resort Bhairahawa on Nepal’s border with India, which launched in November 2017. The Hong Kong-based firm alℱso operates the Millionaire's Club and Casino in Nepal's capita💯l, Kathmandu.

Both op🦩erations completely shut down on March 21 as part of measures to contain the CO🌸VID-19 pandemic.

At the end of February, the latest company filings showed a recorded revenue of $2.22 million, up 6.3% compared to 2019. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the p👍eriod, though, produced a loss of $2,000.

However, that was far better than the negative EBITDA of $73🐎,000 in the prior-year period.

L꧟ooking solely at first-quarter cash flows, Silver Heritage declared recorded revenue of $2.57 million in the first qu💙arter of 2020, down 41.5% from 2019. Net cash from operating activities stood at $1.68 million, a decline of 11.4% from the first three months of 2019.

In January, Silver Heritage secured a $1 million loan from🌞 its majority bondholders. The money was to be used for working capital.

The group has struggled in recent years with various troubles, including the , multiple resignations from its board of directors, accounting irregularities, a dispute with its Nepalese partner and suspension of trading on the Australianဣ sꦆtock exchange.